Mr Mitchell said: “This product has stood the test of time, and the cost reduces as the value of funds increase. Service charges reduce gradually from 0.65 per cent for investments between £10,000 and £20,000, to 0.10 per cent for investments of £2m and higher, and the account has access to 135 funds. Minimum initial fund size is £50,000 and product annual management charges range from 0.10 per cent to 0.70 per cent, depending on the size of the investment.įund AMCs range from 0.10 per cent to 1.72 per cent. The product offers clients a range of funds from ready-made investment portfolios to specialist funds, with seven risk-rated fund-of-funds and the facility to switch funds on a lifestyling basis free of charge.Īdviser charging is facilitated on a monthly or yearly basis, with drawdown available between the ages of 55 and 73. Iain McGowan, the current head of savings and investments at Scottish Widows, says at the time that the addition of a drawdown capability to the established retirement account provided a “complete retirement planning solution”, making an adviser’s management of their client’s policies more straightforward, and all through one integrated platform. Scottish Widows combined retirement planning and income into a single plan in 2008, in a move which Mr Mitchell calls “ahead of its time”, offering a “transparent and unbundled charging structure” which was the forerunner of the RDR. First up, Mr Mitchell says the Scottish Widows Retirement Account was a popular choice which he had used since launch.
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